mni.3 A student needs to borrow $7,000 to pay for college. She can get the loan at an APR of 10.75% to be paid off in monthly installments over the next 4 years.If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether? Round your answer to the nearest cent.)

Quantitative Problem: You need $18,000 to purchase a useel car. I Your wealthy uncle is willing to lend you the money as an amortized loan. He would like. would like you to make annual payments for 4 years with the first payment to be made one year from today. He requires on 8% anual return. a) What will be your amual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. b) How much of your payment will be first applied to interest and to principal repayment? Do not round intermediate calculations. Round to the nearest cent. your answers Interest Principal repayment m

whats the answer?

Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $9,000 in student loans at an annual interest rate of 10%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.